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ECON 203 MONOPOLY QUIZ SOLUTIONS

ECON 203 MONOPOLY QUIZ SOLUTIONS

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MONOPOLY QUIZ
 
Choose the BEST answer.
Which of the following is most likely to be a monopoly?
local bathroom fixtures shop
local fast-food restaurant
local television broadcaster
local electricity distributor X
 
Choose the BEST answer.
The largest cattle rancher in a given region will be unable to have a ________ when sufficient numbers of smaller cattle ranchers provide sources of competition.
oligopoly
monopoly X
monopolistic competition
 
Choose the BEST answer.
The form of legal protection intended to prevent reproduction of original works is referred to as ________ law.
trademark
trade secret
copyright X
patent
 
Choose the BEST answer.
If the North American newsprint paper market has barriers to entry, then
entry will be blocked even if firms are earning high profits. X
the entry of new firms will eventually cause price to decline.
surviving firms earn only a normal level of profit in the long run.
abnormally high profits will attract the entry of new firms.
 
Choose the BEST answer.
Which of the following denotes the typical shape of the monopolist's total cost curve?
Total costs rise and grow steeper as output rises. X
Total costs are typically constant and are shown by a straight horizontal line.
Total costs decrease and become flatter as output rises.
 
Choose the BEST answer.
The slope of the demand curve for a monopoly firm is:
downward sloping. X
horizontal, parallel to the x-axis.
vertical, parallel to the y-axis.
upward sloping.
 
Choose the BEST answer.


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